Axia Corporation operating profit doubles

Axia Corporation says operating profit in the quarter to September 30 almost doubled compared to the same period last year.

By Tinashe Kairiza

Executive chairman John Koumides told shareholders at the company’s annual general meeting that group volumes were also increasing significantly across its three business units.

“We had a very good Q1. Our turnover for the period is up by 32% and translates to a double of profits from last year’s figures.

“The group is trading well,” he said.

Axia, which was unbundled from Innscor group, listed on the Zimbabwe Stock Exchange (ZSE) last year.

The retail and distribution group runs three business subsidiaries, namely TV Sales and Home, Transerve and Distribution Group Africa.

The unbundling of Axia, which followed the separate listing of quick service restaurants Simbisa Brands by Innscor last year, was geared to transform the group into a fully-fledged light manufacturing company.

Innscor said the separate listing of Axia would unlock value for shareholders as well as attract fresh investment capital.